Choosing the Best Invoice Finance for Small Business Needs

When it comes to running a small business, there are investors to keep happy, in addition to your daily processes and payroll…the list goes on. So why worry about your financial state on top of all that? That’s why so many choose to work with a company like Selectpay that provides invoice finance for small business.

 

Here we’ve collected some more about the process and how it can benefit you!

 

When searching for the right invoice finance solutions for your small business, there are some key factors to consider to help you find the best one for your company including:

 

  • Clearly Understanding Your Needs: First, when searching for invoice finance solutions, it’s always best to begin with a clear idea of your financial needs as a small business. This means taking into account your company’s specific industry, the size of your small business, as well as the volume of invoices you generate on a monthly or quarterly basis. Many invoice finance companies focus on specific industries or ones of a particular size, so knowing all these facts upfront will make your search much easier.

 

  • Consider Customer Service & Security: The customer service options you’re provided when enlisting the help of an invoice factor company are crucial. You’ll want one that’s responsive and offers excellent care, fast answers to your questions and finds solutions to your concerns ASAP. They should also offer support in more complicated areas. Security is also a critical component and it’s important to make certain they have adequate measures in place to protect your business’s crucial financial information and data and use fully secure online platforms.

 

  • Research & Compare: Don’t simply find the first invoice finance provider for small businesses that looks good and choose it: do some additional research and compare it with others in the industry. Search for companies with a proven reputation and positive reviews online, and that can offer references, just like interviewing a job candidate. Additionally, pay close attention to fees and charges that may come with a company’s services.

 

Contact Selectpay for invoice finance solutions and more today!

 

Selectpay can help small business owners with invoice finance solutions, providing plans that are flexible and cover all their needs. You’ll get the money you need quickly, and we’ll put a single, simplified process in place to cover multiple invoices up until the approved limit of your plan. Your small business will receive 85% of any invoice filed upfront, then your client pays within the normal agreed-upon timeframe and once they have, you receive the remaining balance of the invoice. It’s that simple!

 

To learn more about our invoice finance solutions, buy now pay later services, and cash flow services contact us online today or call 1300 566 229.

How B2B Buy Now Pay Later for Business Eliminates Late Invoice Payment Issues

Cash flow issues can always arise no matter what size your business is, and when they do, you need a fast solution. That’s why so many companies take advantage of buy now pay later for business (BNPL) services like those offered by Selectpay. Not only can such solutions save time and money but also help you eliminate late invoice payments.

 

Here we’ve collected some insight into why BNPL for business can help you say goodbye to late invoice payments!

 

Why Are Invoices Paid Late So Often by Businesses?

 

There are several reasons why businesses often put off paying invoices past the traditional 30-day waiting period. Some of the most common include:

 

  • Invoicing Errors & Insufficient Accounting: One of the foremost reasons businesses pay their invoices late is often due to invoicing errors that occur, especially if they don’t have an automated system in place. Human errors can occur in the accounting department, and unfortunately, this often leads to invoices being missed altogether. Administrative errors and things like the wrong address often throw a wrench into the payment/accounting process as well.

 

  • Cash flow Concerns: Just like your business may experience cash flow issues occasionally, so can other ones just as easily. This can often lead to deferring the payment of invoices until their accounts are balanced again. By holding onto their cash reserves, if possible, companies can cover the costs of payroll, buying new equipment, and other necessities.

 

  • Lack of Late Invoice Penalties: If your business doesn’t have strict guidelines in place for paying invoices on time, or there are no penalties if a company doesn’t, your invoice will likely be pushed to the bottom of the list. This means you’ll have to follow up again and again until it’s paid.

 

How B2B Buy Now Pay Later Helps All Stakeholders

 

Whether you’re a business that needs to be paid or one that is required to pay for goods or services, B2B BNPL for business solutions can help all involved. This is because it allows your purchasers to buy your goods and services and then pay at a later, more convenient date, enabling both parties to keep their cash flow under control.

 

Since B2B BNPL services mean that a third party is handling all the invoice collection, you won’t need to worry about mistakes, or tracking down late payments, saving both time and money.

 

How Selectpay BNPL for Businesses Can Help You

 

Selectpay helps you and your client maintain the proper cash flow and eliminate late payments providing them with the option to pay invoices in four easy instalments over time, while you get paid for your goods/services upfront. All that’s required of your clients is a one-time, upfront fee.

 

Learn more about our BNPL solutions, invoice finance, and growth finance services by contacting us online today or calling 1300 566 229.